"Um, just a couple things," replied Hasselbeck, 29. "Like, I'm totally three months pregnant." Confetti then flew out of the studio ceiling.

"I figured that we're going to be lonely without you," Hasselbeck said to O'Donnell, who is leaving the show at the end of the season. "So, Tim and I thought we should get busy and maybe make a little co-host."

The baby is due in November, Hasselbeck added, prompting the show's star (and its executive producer), Barbara Walters to say, "And what is November?"

"Sweeps!" said Hasselbeck.

As for the baby's gender, Hasselbeck says she doesn't plan to find out until the birth.

Hasselbeck and her husband, New York Giants quarterback Tim Hasselbeck, also 29, will celebrate their five-year anniversary in July. They welcomed their first child, Grace Elisabeth, on April 6, 2005 – Tim's 27th birthday.

The announcement of Hasselbeck's pregnancy was released by ABC just prior to the show on Monday morning.

"Elisabeth Hasselbeck, 29, co-host of ABC's The View, will announce live on-air today that she is pregnant with her second child and is due in November," ABC said in a statement.

"Tim and I are incredibly thankful and excited," Hasselbeck said in the statement.

After her last baby, when she returned to The View after a six-week maternity leave, Hasselbeck told viewers: "Grace is amazing. She likes to eat a lot and sleep a lot – just like her father."

Hasselbeck's news is the second big announcement for The View in as many weeks: On Wednesday, cohost Rosie O'Donnell revealed that she will be leaving the show at the end of the season.

O'Donnell, 45, and the politically conservative Hasselbeck had often clashed on-air, but Hasselbeck told PEOPLE they're pals offstage: "Politically, we're rivals," she said. "That is clear. However, we are personally friends. We are on e-mail all day long with each other."

Hasselbeck, a onetime artist and accessories designer, made her TV debut in 2001 as a contestant on Survivor: The Australian Outback (she finished fourth). She went on to host the Style Network's The Look for Less before replacing Lisa Ling on The View in 2003.

News of Hasselbeck's announcement was first reported on Monday by FOX News.